The Real Estate Purchase Agreement with Seller Financing is utilized when traditional bank financing is not preferred or available, allowing property sellers to act as lenders. This arrangement is particularly common in situations involving quick sales, properties that may not qualify for conventional financing, or when buyers seek more flexible terms. The document must adhere to U.S. federal regulations and state-specific requirements, including proper disclosures, interest rate limits, and security documentation. It typically includes both standard purchase agreement elements and detailed financing terms, making it more complex than traditional purchase agreements.
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1. Parties: Identifies buyer and seller with full legal names and addresses
2. Background/Recitals: States the intent to sell/purchase the property and basic context
3. Definitions: Defines key terms used throughout the agreement
4. Property Description: Detailed legal description of the property being sold
5. Purchase Price: Total purchase price and payment structure
6. Financing Terms: Details of seller financing including interest rate, payment schedule, and term
7. Security Interest: Details of mortgage or deed of trust securing the loan
8. Closing and Possession: Closing date, conditions, and possession terms
9. Title and Survey: Requirements for clear title and property survey
10. Representations and Warranties: Statements of fact by both parties about the property and transaction
1. Due Diligence Period: Optional section covering inspection period and rights to terminate, typically used when buyer requires an inspection period
2. Environmental Matters: Optional section covering environmental conditions and responsibilities, typically used for commercial properties or properties with potential environmental issues
3. Escrow Provisions: Optional section covering terms for escrow arrangement, used when an escrow service is part of the transaction
4. Property Management: Optional section covering interim management arrangements, typically used for income-producing properties
5. Assignment Rights: Optional section covering rights to assign the agreement, used when assignment might be needed
1. Property Description Schedule: Detailed legal description and property boundaries
2. Payment Schedule: Amortization schedule showing payment breakdown
3. Property Disclosure Statement: Seller's disclosures about property condition
4. Title Exceptions: List of title exceptions and encumbrances
5. Environmental Reports: Any environmental assessments or reports
6. Property Inspection Reports: Results of property inspections
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